Question # 1

Long period supply curve is

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relatively flatter

relatively steeper

more elastic

a and c of above

Validity of economics theories can never be proved with 100 percent certainty, because

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ceteris paribus clause

limited number of observation is possible

very large number of economic theories proved false in the past

b and c

Market is an area where :

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Products are sold

Buyers and sellers come in contact with each other

Price flactuates

Price remain constant

Which of the following is a producer good

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pen

cycle

mobile phone

hammer

Under perfect competition MR and AR curves

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are the same

are different

intersect each other

are parallel

Profit = ?

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TR - TC

TR - MC

TC - MC

TR + TC

Quasi rent is a:

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Short-run phenomenon

Long-run phenomenon

Short and long run phenoomenon

None of the three

It is most suitable for large scale business

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proprietorship

partnership

corporation

cooperative society

At the point of equilibrium of firm under perfect competition

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MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

Which is a condition for existence of monopoly

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big size

identical product

absence of government taxes

no close substitute

3x²=0 is an equation

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linear

quadratic

general

first degree

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

Who said that "Economics is a science of human welfare"

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

Which laws are always subjected to certain conditions.

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Social

Political

Moral

Economic

As out put increases, AC curve

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falls

rises

remains constant

all of the above

Law of decreasing returns generates

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law of economic growth

law of increasing costs

law of variable costs

law of decreasing costs

Adam smith was a

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President of France

a modern economist

good sports man

classical economist

They are included in labour expect

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college principle

professors

office clerk

students

Income elasticity of demand for normal good is always

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1

more than one

negative

positive

Geographical mobility is not possible for

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land

labour

capital

wealth

This is an assumption of law of demand

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price of the commodity does not change

quantity should not change

supply should not change

income of consumer should not change

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